A high-level Egyptian delegation, led by Central Bank Governor Hassan Abdalla, Finance Minister Mohamed Maait, and International Cooperation Minister Rania Al-Mashat, held crucial meetings in Washington with International Monetary Fund (IMF) chief Kristalina Georgieva and US Treasury Secretary Janet Yellen.
The visit aimed to strengthen bilateral cooperation and progress on expanding Egypt’s $3bn IMF loan program, currently stalled due to currency and asset sale reforms.
The meetings took place against a backdrop of exceptional global and regional challenges. Geopolitical tensions, particularly in the Middle East with the ongoing conflict in Gaza, cast a shadow on emerging markets. Recognizing this difficult economic climate, both sides emphasized the need for concerted international efforts to support developing countries and emerging economies.
The Egyptian delegation presented its economic reform plan, highlighting its commitment to completing structural reforms that empower the private sector and fuel economic growth. They expressed eagerness to finalize the IMF program and deepen bilateral economic ties with the United States.
Secretary Yellen also discussed regional developments, including the challenges to Egypt’s economy from the conflict in Gaza, and expressed her appreciation for the North African nation’s efforts. She noted the Treasury’s willingness to continue working closely with Egypt on bilateral and regional issues.
Secretary Yellen reaffirmed strong US support for Egypt’s reform program, underscoring the goal of bolstering Egypt’s economy and supporting inclusive, sustainable growth.
Secretary Yellen also discussed regional developments, including the challenges to Egypt’s economy from the conflict in Gaza, and expressed her appreciation for Egypt’s efforts. She noted the Treasury’s willingness to continue working closely with Egypt on bilateral and regional issues.
Similarly, Georgieva pledged the IMF’s unwavering partnership as Egypt navigates these complex economic times.
Disbursements of $700m of the IMF loan were delayed in 2023 due to lack of progress, but IMF talks to expand the loan amid regional risks offer a potential olive branch.
